I am progressing with the sale of my maisonette in Pentyrch and the estate agent has just telephoned to advise that the purchasers are changing their law firm. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a major mortgage company only engage with specific law firms rather the firm that they want to appoint to handle their conveyancing in Pentyrch ?
Lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies justify this action to a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any sway in the decision.
My fiance and I are buying a purpose built apartment in Pentyrch with a mortgage from Alliance & Leicester .We have a Pentyrch conveyancing practitioner but Alliance & Leicester advised that his firm is not on their approved list of member firms. It seems we are left with no choice but to instruct a Alliance & Leicester panel solicitor or keep our preferred solicitor and fork out for a Alliance & Leicester panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that conveyancers needs to be on the Alliance & Leicester conveyancing panel. in the past, most lenders had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Alliance & Leicester
I am buying a new build apartment in Pentyrch. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Pentyrch
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
Given that I will soon spend £400,000 on a property in Pentyrch I wish to have a conversation with the solicitor concerning thehouse move prior to giving the go ahead to the firm. Can this be arranged?
This is something that we recommend - it is our preference to talk to you we do not take any clients on without you first talking to the lawyer due to be carrying out your property ownership legalities in Pentyrch.There is no ‘factory style conveyancing’ - every client is unique individual, not a file number. The solicitors that we put you in touch with believe that the figure you are calculated and presented to you for residential conveyancing in Pentyrch should be the figure that you are charged.
My husband and I are first time buyers - had an offer accepted, but the selling agent told us that the vendor will only move forward if we appoint their recommended lawyers as they need an ‘expedited deal’. Our preferred option is to instruct a family conveyancer accustomed to conveyancing in Pentyrch
It is improbable the vendors are behind this. Should the owner desire ‘a quick sale', turning down a motivated purchaser is likely to cause more damage than good. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you intend to proceed fast (e)however you are going to instruct your preferred Pentyrch conveyancing firm - rather thanthe ones that will earn the estate agent a kickback or hit his conveyancing thresholds set by senior management.
All being well we will complete the disposal of our £225,000 maisonette in Pentyrch in nine days. The freeholder has quoted £312 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Pentyrch?
Pentyrch conveyancing on leasehold maisonettes normally necessitates fees being raised by landlords agents :
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Addressing pre-exchange questions
Where consent is required before sale in Pentyrch
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I invested in buying a studio flat in Pentyrch, conveyancing formalities finalised 7 years ago. How much will my lease extension cost? Similar flats in Pentyrch with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease terminates on 21st October 2086
You have 60 years remaining on your lease we estimate the premium for your lease extension to range between £20,000 and £23,000 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.